Green and Digital Economy Key Pillars in Vietnam-China Cooperation: PM Chính

Hanoi, The Gulf Observer: Prime Minister Phạm Minh Chính emphasized the pivotal role of green and digital economies in enhancing investment and trade cooperation between Vietnam and China during a momentous meeting with a distinguished delegation from prominent Chinese corporations on May 14 in Hanoi.

Highlighting China’s significance as Vietnam’s foremost importer across a diverse spectrum of products and services, Prime Minister Chính underscored the robust bilateral trade ties, with trade volumes reaching US$172 million last year. Moreover, China stands as the sixth-largest investor in Vietnam, with 4,418 projects totaling a registered capital of $27.6 million.

With both nations championing green, digital, circular, and sharing economies, participants affirmed that Vietnam-China cooperation aligns with the common vision shared by their ruling parties, fostering a community with a shared future.

Leaders from Vietnamese ministries and sectors engaged in fruitful exchanges with their Chinese counterparts, underscoring the mutual commitment to bolstering economic, commercial, and investment relations, particularly in advancing green and digital economies.

Chinese energy firms expressed keen interest in engaging in energy and energy storage ventures in Vietnam, urging streamlined government procedures and enhanced infrastructure for waste-to-energy projects and renewable energy integration.

Leading Chinese companies in silicon and solar energy sectors called for improved infrastructure and services to facilitate investment, while Chinese electric vehicle manufacturers expressed intent to contribute to Vietnam’s carbon neutrality objectives, seeking supportive policies such as tax exemptions and subsidies for EVs.

Technology giants ZTE and Huawei expressed aspirations to collaborate in developing 5G industrial applications, seeking governmental support in application development and standardization.

Prime Minister Chính assured Chinese businesses of Vietnam’s unwavering commitment to mutually beneficial cooperation, echoing agreements reached during high-level meetings between Vietnamese and Chinese leaders. He reaffirmed Vietnam’s receptiveness to addressing concerns of foreign investors, including those from China, and urged proactive measures to resolve issues promptly.

Furthermore, Prime Minister Chính reiterated Vietnam’s open-door policy towards foreign investment, emphasizing the creation of conducive environments for high-quality projects and promoting public-private partnerships in fostering a robust digital, green, and knowledge-based economy.

He encouraged Chinese companies to explore investment opportunities in Vietnam, particularly in areas prioritized by Vietnam such as innovation, renewable energy, smart cities, and high-quality manufacturing. Emphasizing the potential for collaboration in infrastructure, healthcare, education, and technology transfer, Prime Minister Chính urged Chinese firms to support Vietnamese companies’ integration into their supply and value chains.

Addressing strategic connectivity, Prime Minister Chính advocated for accelerated projects enhancing cross-border infrastructure and digitalization of commercial activities, including tourism. He called upon Chinese businesses to advocate for the removal of non-tariff barriers to Vietnamese goods and expand imports from Vietnam, aligning with Vietnam’s national strategies on green growth and digital transformation.